The University of Texas announced Tuesday that Deloss Dodds, long-time athletic director will retire in August 2014, according to ESPN.

Dodds early announcement gives the university ample time to search for a replacement. That special person will inherit one of the richest athletic departments in all of college sports, according to the Associated Press.

"They are huge shoes to fill," Texas President Bill Powers said to the AP. "Somebody who comes in to try to fill them will have to understand you never replace someone, you build on the foundation they made."

Dodds created quite the foundation for Texas since taking the AD position in 1981. That year, he oversaw a budget of four million dollars, the AP reported. Today, that number reaches over 160 million, according to ESPN. Texas also enjoys a profitable TV contract with ESPN.

"I've been in a lot of meetings with DeLoss," Texas president Bill Powers said. "You can hear a pin drop, everybody listens. He has that kind of respect among commissioners, among athletic directors, among coaches."

According to the AP, Dodds contributed to the school's now sterling athletic reputation by combining the fundraising efforts of the entire athletic department into one group called the Longhorn Foundation, he helped form the Big 12 and in 2011, amid threats of realignment, he's credited with keeping the conference intact.

Dodds will take a paid consulting position following his retirement on August 31, 2014, according to the AP. Along the way, he'll help Powers find the best candidate out there. If such a person emerges before Dodd's announced date, he'll most likely retire sooner, the AP reported.

One of the main qualities Dodds will look for in his successor is character.

"Do it the right way. Put kids first. Hire people who care about kids," Dodds said. "Having somebody who fits with that is really important for me."

No news yet on how Dodd's announcenemt will impact Texas's interest in Alabama coach Nick Saban, if at all. On Sept. 19, ESPN reported that Texas had contacted Saban's agent about the head coaching position. Saban, thus far, has remained comitted to Alabama, telling ESPN, "... Quite frankly, I'm just too damn old to start all over someplace else."